SPX Holds Strong at $5215, Supported by 5-Day Moving Average

SmartReversals
05-15

The $S&P 500(.SPX)$ respected the uptrend today, finding strong support at the key level of $5215 (before resistance, now support).

This level, which coincides with the 5-day moving average (5DMA), held firm despite no direct touch. In fact, the price even managed to rally during the afternoon session.

The overall price action appears robust. While there's a remote possibility of a decline tomorrow due to overbought conditions on the 30-minute and 1-hour charts, there are no other significant concerns on the horizon.

Remember, it's often wiser to "dance with the trend" than fight it. The $5215 level can be a reference point for managing risk as the uptrend continues.

$Cboe Volatility Index(VIX)$ had a very a short lived jump, interesting.

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https://twitter.com/SmartReversals/status/1790510991723172333

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  • Jo Ker
    ·05-15
    No other significant concerns as for TA? Whether we continue to rally above the ATH or do a correction will depends on April CPI and the reaction to the data. Can the market really ignore a 3 consecutive rising CPI trend and the very real inflation problem?
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  • AdairHoratio
    ·05-15
    Great job, you nailed it!
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  • AuntieAaA
    ·05-15
    GOOD
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